The ASX has cooled off, with the S&P/ASX 200 down 77 points, or 0.92%, to 8,267.40 points at 10.30am AEDT on Tuesday morning (22 October).
All sectors are in the red, with materials down 0.28%, industrials dipping 0.13% and energy edging back 0.03%.
The index has lost 0.61% for the last five days, and sits 1.40% below its 52-week high.
This comes on the back of a retreat by the US S&P 500, which Dan Wantrobski at financial advisory firm Janney Montgomery Scott says “remains overbought across multiple time frames and is still vulnerable to profit-taking over the short run”.
NRW Holdings (ASX:NWH) led the S&P/ASX 200 higher on news it has inked a $1.6 billion mining services agreement with Stanmore SMC for its South Walked Creek Mine in central Queensland.
Shares ticked up 2.81% to $3.85 early in the trading session.
Yancoal Australia (ASX:YAL) advanced 1.04% to $6.34, while takeover target Lithium Arcadium (ASX:LTM) was up 0.73% to $8.28.
Meanwhile, Mineral Resources (ASX:MIN) was again among the bottom performing stocks, falling a further 3.92% to $38 today. Vault Minerals (ASX:VAU) and Liontown Resources (ASX:LTR) also retreated, losing 4.49% and 3.55% to trade at $0.37 and $0.82, respectively.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: NRW & ASX
